ANDD CONFIDENT THAT VEDANTA WILL FULFILL ITS INVESTMENT COMMITMENTS AT KCM WHEN THE TRANSITION PROCESS IS FINALIZED
… urges politicians to stop politicizing the Vedanta – KCM transition process
Lusaka… Sunday December 31, 2023 (SMART EAGLES)
The Advocates for National Development and Democracy (ANDD) says it is confident that Vedanta Resources will inject in over US$1 billion for mine recapitalization and development once it takes full control of Konkola Copper Mine plc when the legal transition process is finalized.
The organization has also called on political players to stop politicizing the Vedanta – KCM transition process saying this is not a matter to politicize because the Vedanta Konkola Copper Mine deal is not a political issue but a national development economic issue.
ANDD Executive Director Samuel Banda is advising politicians to immediately stop politicizing KCM and put the interest of Zambians first who are looking forward to see Vedanta Resources Ltd take full control of KCM , create the much needed employment and business opportunities and help restore economic development in the country.
Mr Banda says politicians should stop playing politics at the expense of national development because Zambians are not interested in politics but development.
He says contrary to speculations by some stakeholders, Vedanta will fulfill its commitment of injecting in over US$1 billion for mine recapitalization, US$250 Million to settle contractors and suppliers’ arrears, US$20 million for corporate social responsibility programmes as well as K2500 salary increment for KCM workers.
Mr Banda is of the view that the continued delay by government to finally handover KCM back to Vedanta Resources is what is causing stakeholders to start speculating.
“We the Advocates for National Development and Democracy, an organization advocating for the revamping of the mining sector, have observed complaints from different stakeholders that Vedanta Resources has not yet injected the US$1.5 billion for mine recapitalization and development of KCM. And also that Vedanta has not yet implemented the K2500 salary increment for the KCM workers; the implementation of the US$20 million for corporate social responsibility programmes and the US$250 Million to pay contractors and suppliers. We want to put it on record that by law and corporate governance procedure, Vedanta will only start implementing their investment commitments when the transition process is finalized,” he said.
“It is our hope that by January, 2024 the Vedanta – KCM transition process will be finalized so that Vedanta can start implementing their investment commitment. For as long as the provisional liquidator remains at KCM, Vedanta can not start implementing its investment commitments.”
Mr Banda emphasized that as at now, Vedanta Resources has not yet fully taken over the operations of KCM because of the remaining legal processes.
He commended government and Vedanta for showing commitment to ensure that the transition process is finalized.
He called on the government to expedite this process so that KCM increases copper production which he said will help the country earning the much needed foreign exchange.
“We are also appealing to political players to stop politicizing this transition process because KCM is a national strategic economic investment asset that the people of Zambia depend on for economic development benefits Politicizing the Vedanta – KCM transition process is not inspiring investor confidence hence the need to stop it,” he concluded.